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Vanguard Group has begun permitting clients to trade spot Bitcoin exchange-traded funds, yet the $12 trillion asset manager’s skepticism towards cryptocurrency remains firmly established.
As reported by Bloomberg, John Ameriks, Vanguard’s global head of quantitative equity, likened Bitcoin to a trendy plush toy collectible instead of a productive asset during Bloomberg’s ETFs in Depth conference on Thursday, asserting that it lacks the income, compounding, and cash flow that the firm seeks in long-term investments.
“It’s hard for me to view Bitcoin as anything beyond a digital Labubu,” Ameriks remarked, referencing the popular stuffed toy phenomenon.
This statement comes as Bitcoin is trading around $90,000, a decline from $126,000 in October.
Source: TradingView
Concurrently, Vanguard upholds its long-standing stance against launching its own crypto-focused ETFs, even as it granted access to third-party products earlier this month.
Platform Opens Despite Significant Investment Reservations
Vanguard’s choice to enable ETF trading followed several months of monitoring the performance of crypto products since the launch of spot Bitcoin funds in January 2024.
The firm aimed to confirm that these products “delivered what’s on the tin, the way that they’re described,” Ameriks clarified in a separate conference interview.
However, he emphasized that Vanguard will not provide clients with guidance on whether to buy or sell digital-asset ETFs.
“We allow individuals to hold and purchase these ETFs on our platform if they choose to do so, but they do so at their own discretion,” he stated.
“We will not offer advice regarding whether to buy or sell or which crypto tokens they should hold. That’s simply not something we will do at this time.”
Vanguard will permit trading of crypto-focused ETFs and mutual funds starting Tuesday, providing access to Bitcoin, Ether, and other tokens for millions of investors.#Vanguard #CryptoETFs https://t.co/mmU1DdIi7s
— Cryptonews.com (@cryptonews) December 2, 2025
Vanguard will permit trading of crypto-focused ETFs and mutual funds starting Tuesday, providing access to Bitcoin, Ether, and other tokens for millions of investors.#Vanguard #CryptoETFs https://t.co/mmU1DdIi7sThis shift reflects increasing pressure on the world’s second-largest asset manager after competitors BlackRock and Fidelity attracted billions in crypto ETF investments.
BlackRock’s iShares Bitcoin Trust became the quickest ETF to reach $70 billion in assets, generating hundreds of millions in annual fees while Vanguard clients expressed dissatisfaction over limited access and some threatened to close accounts in response to the firm’s initial restrictions.
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Leadership Transition Fuels Strategic Change
The firm’s leadership change has significantly influenced the platform’s opening. Salim Ranji, who assumed the role of CEO this year after managing BlackRock’s extensive ETF business and overseeing the launch of IBIT, has publicly discussed blockchain’s potential, despite Vanguard asserting that it has “no plans to launch its own crypto products.”
Andrew Kadjeski, head of brokerage and investments at Vanguard, informed Bloomberg that “cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as intended while maintaining liquidity.”
He added that “the administrative processes to manage these types of funds have matured; and investor preferences continue to evolve.”
Ramji’s predecessor, Tim Buckley, had stated that a Bitcoin ETF did not belong in a typical retirement account, reinforcing the firm’s reputation as skeptical of crypto.
The platform now caters to over 50 million clients globally who previously could not purchase spot Bitcoin ETFs through their existing Vanguard accounts, potentially directing mainstream capital towards digital assets.
Speculative Asset Perspective Persists Despite Market Changes
Vanguard executives have consistently categorized cryptocurrencies as speculative investments throughout Bitcoin’s volatile boom-and-bust cycles.
The firm currently views digital assets as extremely or very risky, with 66% of US investors aware of crypto sharing this perspective, according to recent FINRA Foundation data, an increase from 58% in 2021.
US crypto purchase interest declines to 26% from 33% in 2021 as investor risk appetite sharply diminishes, FINRA study indicates.#US #Cryptohttps://t.co/4mTMJ49hLC
— Cryptonews.com (@cryptonews) December 5, 2025
Ameriks acknowledged that Bitcoin might provide non-speculative value in specific scenarios, such as high-inflation environments or times of political instability.
“If you can observe reliable price movements in those situations, we can discuss more sensibly what the investment thesis might be and what role it could fulfill in a portfolio,” he stated. “However, that reliability is not yet present—you still have too brief a history.”
A Vanguard spokesperson added that the firm remains hopeful about blockchain’s utility and its potential to enhance market structure.
Despite platform limitations, Vanguard possesses indirect Bitcoin exposure as the second-largest institutional shareholder in Strategy, while managing approximately $11 trillion and treating crypto funds similarly to other “non-core” assets, such as gold, on its US brokerage platform.
The post Bitcoin Is a “Digital Labubu,” Says Vanguard — Yet It Opens ETF Trading appeared first on Cryptonews.
